Federal banking agencies proposed amendments to conform swap margin rules to recently adopted rules restricting the cancellation rights of qualified financial contracts in the event of a counterparty entering resolution proceedings.

U.S. prudential regulators adopted an interim final rule to add certain Brexit-related exceptions from swaps margin requirements. According to the prudential regulators ( i.e. , the Federal Reserve Board, Office of the Comptroller of the Currency, FDIC, Farm Credit Administration, and the Federal Housing Finance Agency), the new provision is intended to preserve the status quo for "legacy" swaps in the event of a "no-deal" Brexit. The new rule provides that certain swaps will not lose their "legacy" status ( i.e. , excluded from the scope of margin rules) as a result of changes made in

U.S. prudential regulators, including the Federal Reserve Board, Office of the Comptroller of the Currency, FDIC, Farm Credit Administration and the Federal Housing Finance Agency issued an interim final rule to create certain Brexit-related swap margin requirement exceptions. The interim final rule was published in the Federal Register (see here for previous coverage). The interim final rule is effective on March 19, 2019. Comments must be submitted to the regulators by April 18, 2019.

The Comptroller of the Currency, Federal Reserve Board and FDIC proposal allowing "advanced-approaches" banking organizations ( i.e. , those with $250 billion or more in total consolidated assets, or $10 billion or more in on-balance sheet foreign exposure) to use an alternative approach for calculating derivative exposures under regulatory capital rules was published in the Federal Register. Comments must be received before February 15, 2019. As previously covered , the proposed approach - the standardized approach for counterparty credit risk ("SA-CCR") - would replace the current exposure